Columbus Homeowners Benefit by Rising Home Equity - Columbus Ohio Real Estate | Buyer's Resource Realty Services

Columbus Homeowners Benefit by Rising Home Equity

Columbus home equityColumbus homeowners are seeing rising equity as sales prices soar. According to a recent article in the Columbus Dispatch, Ohio homeowners gained an average of $21,600 in equity during the past year. In Bexley, Upper Arlington and certain neighborhoods of metro Columbus, equity increased by more than $40,000 on average.

Rising equity can benefit homeowners in several ways. For homeowners who have private mortgage insurance or mortgage insurance premiums, a rise in equity could allow removal of these coverages, saving  considerable money on each mortgage payment. Ask your mortgage servicer about the requirements for waiving PMI or MIP.

An equity increase helps homeowners obtain a favorable refinance, too. If you have at least 20% equity in your home, and currently have an FHA mortgage with mortgage insurance, you might refinance into a Conventional loan that may provide a lower interest rate – without a mortgage insurance requirement. As a whole, equity of 20% or more can improve your rate offers.

If you are in need of cash for a home improvement project, you may be able to borrow against your home equity to obtain funds for the project.

For some homeowners, equity is just a number until they sell – and then it becomes a profit. A number of buyers making cash purchases today are doing so with the proceeds from a prior home sale.

When buying a Columbus home, you can improve your potential for building equity by choosing your home and mortgage wisely! Our free e-book, “How to Buy a Home like a Pro,” has valuable advice to help you. Get your copy today, there is no cost and no obligation.

As your Exclusive Buyer’s Broker, we serve your best interests at all times! Unlike real estate agents and brokerages who represent sellers, as an Exclusive Buyer’s Broker, we only represent you, the buyer, getting you the best price and terms with no conflict of interest at all times.

Understanding this distinction could literally save you thousands of dollars not only on the purchase price and terms, but also on seller concessions and home inspection issues, whether you are a first-time homebuyer or an experienced homeowner!

Contact us with your home buying questions! Remember, we are with you every step of the way…all the way home!

Andrew Show
Exclusive Buyer’s Broker, CEBA-M, MCNE, CSP, PSA,e-PRO, CREM, ABRM, AHWD
Buyer’s Resource Realty Services
Serving Metro Columbus, Ohio with Exclusive Buyer’s Agents
7100 North High Street, Suite 204, Worthington, Ohio 43085
614-888-4110 | 888-888-4110 Toll Free | 614-839-4110 Fax

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